3.5% For Buyers Concessions From Fannie Mae
Now through October 31 Fannie Mae is offering homebuyers up to 3.5% of the final selling price toward closing costs. This only applies to owner occupied, investors need not apply.
Fannie Mae is also offering to real estate agents a $1200 bonus who represent the owner-occupant buyer.
There are terms and conditions that must be met. You can find all the conditions at www.HomePath.com which is an official website run by Fannie Mae to sell it’s foreclosed property.
1. The buyer or buyers agent must request the incentive upon submission of the initial offer.
2. The initial offer must be submitted on or after June 14, 2011.
3. The sale must close on of before October 31.2011. No exceptions will be made to the deadline set for closing by Fannie Mae.
4. Buyers must be purchasing a HomePath property for their use as a primary residence. Second homes and investment properties do not qualify.
5. Buyers with total closing costs less then 3.5% are not eligible to receive the difference as a credit.